Sunway MCL, CSC make bold bet on River Valley site with S$1,730 psf ppr bid at S$750.6 million

[SINGAPORE] A tie-up between Sunway MCL and CSC Land Group (Singapore) topped a field of four bidders with a S$750.6 million offer for the third River Valley Green site to be released for sale – likely the last available plot near Great World City.

The bid works out to a land price of S$1,730 per square foot per plot ratio (psf ppr), above expectations of between S$1,350 and S$1,700 psf ppr forecast by analysts. The bid is also about 22 per cent higher than that for the last site sold in the area in 2025.

Sunway MCL and CSC’s bid, submitted on Thursday (Jun 18), pipped the second-highest offer from a unit of China Overseas Land & Investment (COLI) by a mere 4 per cent. COLI had bid S$720.7 million or S$1,661 psf ppr.

Hong Leong Holdings, GuocoLand and TID Residential came in third with S$715.9 million or S$1,650 psf ppr. Kingsford was fourth with its bid of S$705.4 million (S$1,626 psf ppr).

The River Valley Green (Parcel C) site is 11,516 square metres (sq m) in size, with a gross floor area of 40,306 sq m. The 99-year leasehold plot is expected to yield 470 homes.

Mark Yip, CEO of Huttons Asia, said: “With the current upward trajectory in Core Central Region (CCR) land prices, future selling prices of CCR homes in 2027 are likely to be calibrated upwards and test the S$3,600 psf level.”

As at May 2026, the median selling prices of nearby new launches River Green, River Modern and The Robertson Opus were just under S$3,500 psf, he noted.

Analysts had expected firm interest in the site, projecting up to seven bids, given its proximity to Great World MRT station and the strong take-up in neighbouring projects.

Developers have also been keen on replenishing their land banks, and future land supply in the prime District 9 neighbourhood is limited.

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Among recent launches is River Modern on the River Valley Green (Parcel B) site, which sold 90 per cent of its 455 units at an average of S$3,266 psf when it was launched for sale in March. To date, it has sold 423 units, or 93 per cent of the project, at a median price of S$3,229 psf.

The site attracted five bids in February 2025, with GuocoLand putting in the highest offer at S$627.8 million or S$1,420 psf ppr.

Nearby, the River Valley Green (Parcel A) site was bagged by Wing Tai at S$464 million or S$1,325 psf ppr in a June 2024 tender that drew just two bids.

The site is being developed into River Green, which moved 88 per cent of its 524 units at an average price of S$3,130 psf when it hit the market last August. It has since sold 94 per cent of its units at a median price of S$3,128 psf.

Other recent launches in the River Valley area have also chalked up fairly robust sales, including Promenade Peak, which moved about 71 per cent of its units at a median price of S$2,942 psf.

The project sits on the Zion Road (Parcel B) site, which drew two bids in an August 2024 tender and was awarded to Allgreen Properties for S$730.1 million (S$1,304 psf ppr).

Neighbouring Zyon Grand has sold 90 per cent of units at a median price of S$3,050 psf. The residential and long-stay serviced apartment development sits on the Zion Road (Parcel A), which received a sole bid in April 2024 from a City Developments Ltd-Mitsui Fudosan tie-up for S$1.1 billion, or S$1,202 psf ppr.

Combined, the four projects have about 300 units still unsold, which analysts said are “not expected to pose significant competition” to a future development on the River Valley Green (Parcel C) site.